HDFC BANK LTD
Open—1933.80---High---1943.80---Low---1928.40—Close—1934.70
on 16.5.2025.
Support:1929.80/1925/1900.20/1897/1891.80/1886.80/1880/1843.70/1772.85/1738.20.--------
Resistance:1954.80/1961.70/1978.90/2038/2221/2294.
(Bold and underlined figures are most important)
Technically it is on a very strong footing and looks good for the continuation of the up-move, but after hitting an all-time high of 1978.90 on 23.4.2025 now it is moving in a range of 1978.90----1886.80. It is into very short correction mode also for its recent rise as it is below its threshold point of 1944(figure may change). Please note that the breakout from the above mentioned range on the either side will decide further direction for it, but there are other support & resistance points within the range, support points are 1929.90---1925----1922----1908—1902, break & sustained close below 1929.90 & 1925 will be an alert sign, break & sustained close below 1922 will push it into deep correction mode for its recent rise and finally break & sustained close below 1902 can drag it down to 1886.80 or below. Similarly the resistance points within the range are 1944----1954.80---1961.70, but it will resume the big up-move or scale new peak only once it crosses 1978.90 and sustain on the closing basis, else it will drift down.
It is important to mention here that although the overall chart setup looks good for the continuation of the up-move but the technical indicators are giving mixed signal on the daily, weekly & monthly, furthermore it is also into correction mode, it is therefore suggested not to attempt long trade if it remains below 1944.
Since the technical indicators are giving mixed signal, therefore an aggressive trader can attempt a short trade on the rise near or within the range of 1961---1978 but not above it with a stop loss of 1983 or can try to sell if it moves below the range of 1925---1922 with a stop loss of 1931 or can sell if it moves below 1902 and maintain for some time with a stop loss 1912.
REMARKS:- It is in the strong long term uptrend but moving in a range now
therefore decisive action should be taken after the breakout , but one can
structure their trade following the support and resistance range or points
within the broad range but with strict stop losses. Please be alert in your
trades at this point of time.
NOTE: - It is a technical assessment of the stock as of now, the
technical interpretation changes with the price movement and time, therefore it
has to be reviewed at regular intervals, furthermore investors are advised to look into
fundamental, financial details of the company because that too keeps on
changing and last but not the least management perception for the future of the
company before taking investment decision.
Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view. It is for the educational purpose.
Kindly note that make your cost your stop loss
in favorable trade and then trail it as the price move up/down
to gain maximum profit and avoid losses. Use support and resistance levels as
entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT
STOP LOSS.
Note: Price stated
here are of spot market.
Contact me for strategic guidance to enter and
exit trade.
Thanks
Narendra Kumar Surana
Mobile—8240951127/9831313654.
